Urban Outfitters is crashing

Urban Outfitters shares fell by more than 14% in early trading on
Tuesday after the clothing retailer reported earnings below
investors' expectations.

After the closing bell on Monday, the company reported first
quarter earnings of $0.25, below analysts' estimates of $0.30,
according to Bloomberg.

The company posted record sales of $739 million, but these still
came in below expectations for $757.58 million.

"I am pleased to announce record first quarter sales and positive
retail segment comparable net sales at each of our brands," said
CEO Richard Hayne in the
release. "I believe our retail segment comparable net sales
growth is being driven by the success of our omni-channel
strategy."

On Tuesday, Oppenheimer analysts downgraded the stock to
"Perform" from "Outperform," with a 12-month price target of $35.
(The stock opened at $35 per share on Tuesday.)

Anna Andreeva and Janet Knopf wrote: "Seldom do all brands work
at the same time for fashion retailers, and after
six quarters of challenges, improvement at Urban division is
offset by fashion misses at Anthropologie, causing both
sales and margin miss in 1Q15."

Same-store sales rose 4%, below expectations for an increase of
5.1%. During the quarter,
the company opened seven new stores, and closed one Urban
Outfitters store.